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Global Electric Motor Market size is predicted to reach $169 billion by 2030, growing at a CAGR of 5.6% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The increase in global electricity consumption and the use of electrical equipment and machines in different industries are poised to propel the market growth, finds IndustryARC in its recent report, titled “Electric Motor Market Size, Share & Trends Analysis Report- By Product Type (AC Motor (Induction Motor, Synchronous Motor, Servo Motor, Stepper Motor), DC Motor (Brushed DC Motor, Brushless DC Motor, Servo Motor, Series Motor, Stepper Motor, Compound Motor)), By Product Category (Permanent Magnet, Non-Permanent Magnet), By Phase (Single Phase, Three Phase), By Power Rating (Below 0.5W, 0.5W to 1W, 1W to 100W, 100W to 1KW, 1KW to 10KW, 10KW and Above), By Efficiency (IE1, IE2, IE3, IE4), By Application (Commercial (Automated Doors, Elevators & Escalators, Blowers, Electric Sweepers, Hand Dryers, Data Center & UPS, Pumps, Power Tools, Water Coolers, Camera PTZ Control, Drones, Others), Consumer Products (Pumps, Hair Dryers, Lawn Mowers, Boilers, Dishwashers, Vacuum Cleaners, Washing Machine, Blenders & Mixers, Fans & Chimneys, Desktop & Laptops, Smartphones, Refrigerators, Others), Automotive (Body Control Motors, EPS Motors, Brake Booster BLDC Motor, Seat Adjustment, Belt Tensioner, Car Window Motor, Door Lock Motors, Wiper Motor, Others), Medical & Healthcare (Diagnostic Equipment (CT Scanners, MRI, Biopsy Systems, Diagnostics Analyzers, Ultrasound Transducers, X-Ray, Others), Medical Centrifuges, Medical Pumps, Blowers And Compressors, Surgical Instruments (Saws, Drills, Surgical Robots, Others), Dental CAD/CAM Milling Machines, Exoskeleton & Prosthetics, Microscopes, Wheelchairs & Scooters, Stair Lifts, Hospital Beds & Exam Tables, Others)), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030’”
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Asia-Pacific to Register Highest Growth:
The Asia-Pacific region is the fastest-growing market for electric motors, driven by the rising demand for efficient energy usage and concerns over the environmental impact of energy generation from conventional sources. The region’s agriculture sector has seen significant advancements, while countries like China, India, South Korea, and Australia have made enormous investments in industrialization. The increasing production and sales of electric vehicles in countries like China and Japan have also contributed to the market’s rapid growth. With governments introducing sales targets and subsidies for electric cars, the Asia-Pacific is poised to maintain its position as the fastest-growing electric motor market in the coming years.
Electric Motor Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
5.6% |
|
Market Size in 2030 |
$169 billion |
|
Segments Covered |
By Product Type, By Product Category, By Phase, By Power Rating, By Efficiency, By Application, and By Region |
|
Geographies Covered |
North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa). |
|
Key Market Players |
1. ABB Ltd. 2. AMETEK, Inc. 3. Johnson Electric Holdings Limited 4. Siemens AG 5. Rockwell Automation 6. Toshiba Corp. 7. Hitachi Ltd. 8. Nidec Corporation 9. ARC Systems Inc. 10. Bosch Electric |
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Electric Motor Market Report – Key Takeaways:
The DC Motor segment is expected to witness a CAGR of 7.6% in the forecast period 2024-2030, owing to the brushless DC motors increasingly replacing brushed DC and AC induction motors across various industries, particularly in home appliances and automotive applications. They are crucial in electric vehicles for non-traction functions, supporting the shift toward sustainable transportation. As electric vehicle demand rises, so does the need for efficient, reliable DC motors. Additionally, these motors are widely used in industrial automation, driving conveyor systems, robotics, and manufacturing equipment due to their precise control capabilities, making them ideal for accurate movements in automated processes. Their advantages include low maintenance, quiet operation, and long lifespan, enhancing their appeal in diverse applications.
The Medical & Healthcare sector segment is expected to witness a CAGR of 8.5% in the forecast period 2024-2030, driven by increased investments and the adoption of advanced medical devices like surgical robots and imaging equipment. Electric motors play a crucial role in this evolution, enhancing the precision of diagnostic tools such as MRI and CT scanners, and ensuring stability in patient monitoring systems like infusion pumps. Additionally, their integration into mobility aids, laboratory equipment, and robotic surgical systems boosts accessibility and efficiency, reflecting the rising demand for technologically advanced solutions in healthcare.
As Industry 4.0 technologies and smart manufacturing processes gain traction, the demand for electric motors in industrial automation equipment, robotics, and motion control systems is on the rise. Electric motors are essential for driving conveyor systems, machine tools, robotic arms, and automated assembly lines, facilitating efficient and adaptable manufacturing operations.
One significant obstacle in the electric motor sector is the constraints posed by battery technology and driving range. Although there have been advancements, electric vehicles (EVs) still encounter issues related to battery energy density, the availability of charging infrastructure, and the phenomenon known as range anxiety. Batteries represent a major expense in EVs, and the challenge lies in enhancing energy density while simultaneously lowering costs. Furthermore, the lack of sufficient charging infrastructure and the shorter driving range of EVs compared to conventional vehicles impede their widespread acceptance.
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Key Opportunity Analysis:
Rising Adoption of Electric Vehicles is Creating Opportunities in the Market
The automotive industry is experiencing a significant shift towards electric propulsion systems due to heightened environmental awareness, strict emission regulations, and advancements in battery technology. This transition offers electric motor manufacturers a chance to meet the increasing demand for electric drivetrains and auxiliary systems in electric vehicles (EVs). As automakers invest in electrification and expand their EV offerings, the need for efficient, reliable, and cost-effective electric motors grows. Manufacturers can capitalize on this trend by innovating motor designs, optimizing production processes, and collaborating with automotive OEMs to provide tailored solutions that fulfill performance and efficiency requirements across various vehicle segments.
Opportunities in the Market due to Expansion of Renewable Energy Infrastructure
With the growing emphasis on clean energy, decarbonization, and sustainability, there is increasing investment in renewable energy projects such as wind farms, solar power plants, hydroelectric facilities, and energy storage systems. Electric motors play a vital role in renewable energy applications, powering wind turbines, solar tracking systems, hydroelectric generators, and other renewable energy systems used for power generation. As governments, utilities, and private investors commit to achieving renewable energy targets and reducing reliance on fossil fuels, there is a rising demand for electric motors that offer high efficiency, reliability, and durability to support renewable energy integration into the grid.
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The report also covers the following areas:
Electric Motor Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Electric Motor Market:
The Global Electric Motor Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Related Reports:
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Industrial Motor Market: The rising focus on sustainable energy sources and initiatives for green manufacturing are further driving market growth.
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